New owners reveal automaker Saab to roll out latest model in early 2014

STOCKHOLM -- The buyers of bankrupt Swedish carmaker Saab said Monday they would launch their first model in early 2014 using the Saab name, after concluding the purchase of the iconic brand for an undisclosed sum.

National Electric Vehicle Sweden (NEVS), a joint venture between China's National Modern Energy Holdings and the Japanese fund Sun Investment, said the vehicle would be an electric car using the Saab brand but not the logo, for which it did not obtain the rights.

"The efforts to implement our business plan can now be multiplied, focused on the development of a world-class electric vehicle in Trollhaettan," where Saab is based, the chairman of NEVS, Karl-Erling Trogen, said in a statement.